To truly increase, real estate values must grow faster than inflation plus an owner's effective property tax rate - an average appreciation of about 4.4 percent in Illinois.
According to the U.S. Bureau of Labor Statistics' Consumer Price Index, the U.S. dollar has experienced an average inflation rate of 2.12 percent annually since 2000.
The average effective property tax rate in Illinois was 2.32 percent in 2018, according to the website WalletHub.com.
Here's how Rochester home prices have performed since 2008.
Rochester historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
67
$146,200
$171,054
-
2009
58
$145,000
$169,650
-0.8%
2010
64
$164,500
$187,530
10.5%
2011
67
$150,000
$169,500
-9.6%
2012
82
$149,250
$162,682.50
-4%
2013
93
$150,000
$162,000
-0.4%
2014
71
$173,500
$183,910
13.5%
2015
84
$154,950
$164,247
-10.7%
2016
84
$166,500
$174,825
6.4%
2017
98
$150,000
$153,000
-12.5%
2018
83
$161,000
$161,000
5.2%
Total change in price
-5.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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